Germany PMI

Markit’s preliminary PMI Composite Output Index for Germany inched up to 54.3 in October from a revised 54.1 in September (previously reported: 54.0). The composite PMI—the result of a survey of over 1,000 manufacturing and services businesses based in Germany—has hovered above the 50-threshold since April 2013.

According to Markit, the marginal improvement in October was due to a slightly better performance in the manufacturing component, which returned to expansionary territory. In addition, the pace of growth of the services component remained “robust,” despite a slight deceleration. Markit pointed out that the print extended, “the current sequence of private sector output growth to a year-and-a-half. When asked to comment on activity growth, panellists often mentioned higher order intakes and new contract wins.”

FocusEconomics Consensus Forecast panelists expect the economy to expand 1.5% in 2014, which is down 0.1 percentage points from last month’s forecast. For 2015, panelists expect the economy to expand 1.6%, which is also down 0.1 percentage points from last month’s projection.

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